The global Steel Pipes & Tubes Market is anticipated to value USD 231.1 billion until 2027. It is also expected to register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The increasing demand for liquid fuels and the need for their transportation are projected to drive market growth.
Steel Pipes & Tubes Market Expected to Grow At
Significant Rate During the Forecast Period
“Factors such as yield strength, ductility, pressure rating, and inside diameter are taken under consideration for
their selection. As the demand for oil and gas is anticipated to propel in the upcoming years, the market is
expected to steadily grow in the upcoming years.”
The global Steel Pipes & Tubes Market is anticipated to value USD 231.1 billion until 2027. It is also expected to
register a CAGR of 6.2% over the forecasted years, 2020 to 2027. The increasing demand for liquid fuels and the need
for their transportation are projected to drive market growth.
The segment of seamless technology accounted for the highest share of around 54.0% in 2019 due to the absence of
seam welds that can prevent leakage. The ERW pipes & tubes segment is also projected to register substantial growth
owing to benefits like lower prices and modest performance.
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In 2019, the oil & gas application segment dominated the global market on account of rising usage of these
products to transport, process, and refine crude oil to petroleum products. On the other hand, the chemicals and
petrochemicals segment is projected to witness a CAGR of 5.0% from 2020 to 2027 owing to enhanced properties
of such steel pipes and tubes like good oxidation and corrosion resistance.
The Asia Pacific accounted for the highest share of around 44.0% across the global market in 2019 due to the
increasing presence of petroleum, manufacturing, and petrochemical sector across China, Japan, and India. North
America is also anticipated to register steady growth in the upcoming years due to the discovery of non-
conventional oil and gas resources across the U.S. and Canada.
The market for steel pipes & tubes across the globe includes key players such as Jindal Steel & Power Ltd. (JSPL),